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Dairy Alternatives Market to Reach $73.95 Billion by 2031 - Exclusive Report by Meticulous Research®
The growth of the dairy alternatives market is primarily driven by the increasing prevalence of lactose intolerance, increasing vegan and vegetarian population, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives marketspace, and growing focus on animal welfare and sustainability. However, the preference for animal-based products and growing preference for soy and gluten-free products restrain the growth of this market to some extent.
Furthermore, the consumers' increasing inclination toward plant-based diets and emerging economies are expected to generate significant growth opportunities for the stakeholders in this market. However, the fluctuating raw material prices is a major challenge impacting the growth of the dairy alternatives market.
Moreover, the rising awareness of health and wellness and mergers and acquisitions in the dairy alternatives market are major trends in the dairy alternative market.
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past five years (2021–2024). The dairy alternatives market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the dairy alternatives market are Danone S.A. ( France ), Hain Celestial Group, Inc. (U.S.), Sahmyook Foods ( South Korea ), Sanitarium Health and Wellbeing Company ( Australia ), Axiom Foods, Inc. (U.S.), Daiya Foods, Inc. (A Part of Otsuka Pharmaceutical Co., Ltd.) ( Canada ), Earth's Own Food Company Inc. ( Canada ), SunOpta Inc. ( Canada ), Valsoia S.p.A. ( Italy ), Plamil Foods Ltd. (U.K.), Nestlé S.A. ( Switzerland ), Oatly Group AB ( Sweden ), Sunrise Soy Foods ( Canada ), Miyoko's Creamery (U.S.), and Blue Diamond Growers (U.S.).
The dairy alternatives market is mainly segmented by product type (plant-based milk {almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milks}, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives), source (almond, soy, wheat, pea, rice, and oat other sources), formulation (unflavored and flavored), distribution channel (business-to-business, and business-to-consumer {modern groceries, convenience stores, specialty stores, online retail stores, and other B2C distribution channels}), and geography ( North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa ). The study also evaluates industry competitors and analyses the regional and country-level markets.
Among all the product types studied in this report, in 2024, the plant-based milk segment is expected to account for the largest share of of the dairy alternatives market. However, the yogurt segment is projected to register the highest CAGR of during the forecast period of 2024–2031, owing to the increasing demand for plant-based yogurts from developed countries due to the rising number of vegan and health-conscious consumers. The plant-based yogurt is allied with various benefits, such as being lower in saturated fat and cholesterol, high in fiber, and rich in proteins, vitamins, minerals, and antioxidants further expected to boost the market growth significantly in the next few years.
Among all the sources studied in this report, the almond segment is expected to account for the largest share of the dairy alternatives market in 2024. This segment is also slated to register the highest growth rate during the forecast period, owing to its increasing preference for almond protein-based milk, easy availability, high nutrition value, higher consumer acceptance level, and increasing application of almond protein in various plant-based dairy product categories. The production of almond ingredients generally has a lower environmental impact compared to dairy ingredients, as it requires less water and produces fewer greenhouse gas emissions.
Among all the formulations studied in this report, the flavored segment is projected to register a higher CAGR during the forecast period of 2024–2031, owing to the changing lifestyle, shifting consumer taste preferences, and growing demand for ready-to-drink beverages .
Among all the distribution channel studied in this report, the business-to-consumer segment is projected to register a higher CAGR during the forecast period of 2024–2031, owing to the rapidly growing online retail sector and rising demand for dairy alternatives from these distribution channels with the growing urbanization and related rise in the number of supermarkets and hypermarkets.
Based on geography, the dairy alternatives market is majorly segmented into North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa . In 2024, Asia-Pacific is expected to account for the largest share of of the dairy alternatives market, followed by North America and Europe . Moreover, this region is also slated to register the highest growth rate during the forecast period. Asia-Pacific's significant market share and highest growth can be attributed to several key factors, including the region's continuously growing population, increasing health-conscious population, rising spending on health and wellbeing, increasing acceptance of Western diets, high presence of vegan & vegetarian population, and growing adoption of advanced technologies in the F&B industry.
Additionally, China is expected to account for the largest share of of the dairy alternative market in Asia-Pacific , followed by India and Japan .
Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Alternatives, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C [Convenience Store, Online Retail]) - Global Forecast to 2031
Vegan Food Market by Type (Dairy Alternatives [Yogurt, Milk, Ice Cream, Cheese, Butter], Meat Substitutes [Tofu, Sausages, Ground Meat, Meatballs, Nuggets]), Distribution Channel (Business-to-Business, Business-to-Consumer) - Global Forecast to 2031
Plant-based Protein Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid), Source Process (Conventional, Organic), and Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Global Forecast to 2031
Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store, Specialty Store, Online Retail]) - Global Forecast to 2030
Nut Ingredients Market by Type (Almond, Cashew, Walnut, Hazelnut, Others); Form (Roasted, Raw, Powdered, Cut); Application (Confectionary, Snacks & Bars, Dairy Products, Beverages, Bakery Products) and Geography - Global Forecast to 2030
Plant-based Butter Market by Type (Salted, Unsalted); Source (Peanut, Almond, Cashew, Soy, Coconut); Distribution Channel (Supermarkets and Hypermarkets, Online Retail, Convenience Stores, Specialty Stores); and Geography - Global Forecast to 2030
Clean Label Ingredients Market by Ingredient Type (Flours, Colors, Flavors, Preservatives, Starch), Source (Plant-Based), Form (Dry Form, Liquid Form), Application (Food (Bakery and Confectionery, Meat Products) and Beverages) - Global Forecast to 2030
Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail, Specialty Store]), and Geography - Global Forecast to 2030
Top 10 Companies in Dairy Alternative Market
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